H.4.1 Factors Affecting Reserve Balances of Depository Institutions

BOARD OF GOVERNORS OF THB FEDERAL RESERVE SYSTEM (Released for Publication Friday morning, September 21;, I9ii8) H U 1 September 23, X9-!*8 # # CONDITION OF THE FEDERAL RESERVE BANKS During the week ended September 22, member bank reserve balances decreased $l±3*000,OOQ Reductions in member bank reserves resulted from an # increase of $775*000,000 in Treasury deposits with Federal Reserve Banks, offset in part by increases of $621;,000,000 in Reserve Bank credit and $15,000,000 in gold stock and decreases of $73,000,000 in money in circulation, $2,000,000 in Treasury cash and $18,000,000 in nonmember deposits and other Federal Reserve accounts Excess reserves of member banks on September 22 were estimated to be # approximately $1,100,000,000, Holdings of loans, discounts and advances increased $26,000,000 and of United States Government securities 8655*000,000, The increase in holdings of United States Government securities reflects increases of $1;89,000,000 in bonds, $62,000,000 in certificates, $57,000,000 in notes and $1*6,000,000 in bills. Changes in member bank reserve balances and related items during the week and the year ended September 22, I9I48, were as follows: Increase or decrease s ince September 22, September 15, September 2]*$ I9U8 I9U8 19U7 (In millions of dollars) U, S Government securities 21,860 + 655 - 258 # Loans, discounts and advances 310 + 26 + I89 Other Reserve Bank credit 375 - 57 + Ui Total Reserve Bank credit 22,51*5 + 62U _ 28 Gold stock 23,865 + 15 +1, 915 Treasury currency U.570 - 1 + 18 iiember bank reserve balances 18,69k «. U3 +1 ,863 Money in circulation 28,085 - 73 - 1*73 Treasury cash 1,319 - 2 - % Treasury deposits with F*R. Banks 1,1*36 t 775 + 656 Honmember deposits and other F # R.accounts 1,1*1*9 » 18 - 120 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE TTvELVE FEU&'tikL REbEkVE BKNKS COMBINED H.lul(a) (In thousands of dollars) Increase or decrease since Sept. 22, Sept. 15, Sept. 2k, 1&8 l9hQ 19^7 A S S E TS Gold certificates 21,987,670 + 16,998 +1,969,996 Redemption fund for F. R. notes 618,671 - 2,301 - 86,39k Total gold certificate reserves 22,606,544 + lU.697 +1,883,602 Other cash 271,377 + 7,012 + 12,295 Discounts and advances 509,51a + 25,776 + 190,695 Industrial loans 956 + 26 945 U. 3. Govt, securities; Bills 6,182,21;2 + U6.370 -7,728,737 Certificates h,889,369 + 62,230 -2,126,547 Notes 1,844,500 + 57,100 +1,372,700 Bonds 8,945,326 ^89,232 +8,2214,156 Total U.S. Government securities 21,859.957 +65U,952 - 258,1448 Total loans and securities 22,170,23k +680,7314 68,698 Due from foreign banks 49 50 F. R. notes of other banks 152,480 + 8,278 + 17,722 Uncollected items 5,057,459 -1460,077 + 509,682 Bank premises 32,378 22 886 162,064 + 9,2^5 + 112,65U Other assets U8,l432,365 +259,865 +2,266,501 TOTAL ASSETS L I A B I L I T IES 25,996,907 - 59,403 - 1492,905 Federal Reserve notes Deposits: 18,6914,013 - 142,586 +1,863,456 Member bank-reserve account 1,1436,112 +775,069 + 636,hh9 U.S.Treasurer-general account 1+01,201 - 10,690 + 1481 Foreign. U57.256 - 6, ohh - 66,251 Other Total deposits 20,988,582 +7i5,7a9 +2,Li3l4,135 Deferred availability items 2,662,379 -1403,465 + 268,396 Other liabilities including accrued dividends 15,954 + 2, 1I4O* 4,965 TOTAL LIABILITIES 147,663,802 +255,018* +2,20li,66l 0 A P I T AL AC CO U N T S Capital paid in 199,327 + 90 + 6,385 Surplus (Section 7) i;l48,l89 + 8,366 •»• - Surplus (Section 13b) 27,545 + 88 Other capital accounts 95,00l4 + 4,757* + 146,801 TOTAL LIABILITIES AND CAPITAL ACCOUNTS U8,li32,365 +259,865 +2,266,301 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined .7/0 Z.i Contingent liability on bills purchased ^ 776 126 2,349 for foreign correspondents Commitments to make industrial loans 275 1,08U •September 15 figures revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.l*.l(b) STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS OH SEPTEMBER 22, 19^8 (In thousands of dollars) A S S E TS Total Boston New York Phila. Cleve, Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas SanFran. Gold certificates 21,987,670 785,859 7,125,758 1021,971 li+10,905 1065,981 1022,955 l+38l+,58l+ 605,299 1+52,298 790,990 536,21+7 2787,065 Redemption fund for F. R. notes 618,671+ 55,500 60,555 58,1+25 75,255 58,716 1+0,1+11+ 95,288 1+5,359 22,31+1+ 36,569 27,110 1+7,381 Total gold certificate reserves 22,606,31+1+ 859,159 7,186,271 1080,596 li+8l+,3i+0 1121;,£97 1065,569 1+1+79,672 61+8.658 i+7i+,61+2 827,559 565,557 2851+, 1+1+1+ Other cash 271,577 27,762 1+5,922 ll+,268 22,1*63 15,851 21,939 38,723 10,1+35 11,609 12,837 12,172 57,598 •discounts and advances 309,31+1 18,655 87,805 21*,553 25,336 20,137 16,659 39,508 19,916 6,620 17,015 9,1+95 23,561+ Industrial loans 708 200 1+8 956 U. S. Govt, securities: Bills 6,182,21+2 1+15,597 1,1+82,390 1+1+1,596 592,693 1+01,502 309,956 90l+,875 515,813 189,251 288,160 280,172 562,279 Certificates l+,889,369 528,682 1,172,382 31+9,21+8 1+68,71+1+ 317,555 21*5,119 69l+,72l 269,957 ll+9,66o 227,898 221,581 1+1+3,81+2 Notes 1,81+1+, 500 125.995 iU+2,278 151,755 176,852 119,789 92,1+70 262,081 101,81+1 56,1+58 85,971+ 83,591 167,1+38 Bonds 8,91+5,826 601,2^0 2,11^,569 658,857 857,1+1+5 580,81+8 1+1+8,581 1270,810 1+95,815 273,761 1+16,881 1+05,525 811,891+ Total U.S.Government securities 21,859,957 11+69,511+ 5,21+1,619 1561,1+51+ 2095,711+ 11+19,671+ 1095,906 5152,1+85 1179,1+26 669,110 1018,915 990,669 1985,1+55 Total loans and securities 22,170,231+ 11+88,11+9 5,329,1+21+ 1586,715 2121,250 ll+i+0,159 1112,565 3171,795 H99,3l+2 675,730 1055,928 1000,162 2009,017 Due from foreign banks ^9 3 l / l6 1+ 1+ 2 2 7 2 1 2 2 1* F.R.notes of other banks 152,1*80 7,61+Q 17,658 8,1+59 6,983 17,61+6 10,856 20,297 8,166 17,617 9,920 6,161+ 21,065 Uncollected items 3,037,1+59 227,061 508,191 189,602 505,552 285,1+22 195,522 1+68,678 123,756 88,1+29 170,656 150,216 326,571+ Bank premises 52,578 l,20l+ 8,106 5,069 l+,823 2,586 1,586 3,025 1,958 1,188 2,i*05 767 1,665 other assets l62,o6i+ 11,095 58,1+51+ 11,017 15,61+9 10,1+55 8,211 23,05!+ 9,213 1+.901 7,599 7,51+1+ 15,076 TOTAL ASSETS 1+8,1+32,5652602,060 l5,l5l+,ol+2 2895,550 3958,81+1+ 2896,816 2lal+,050 8205,21+9 2001,528 127^,117 2066,90!+ 171+0,181+ 521+5,ol+l l/ After deducting $33,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.l*.l(c) STATEMENT OF CONDITION OF THE FEDERAL' RESERVE BANKS ON SEPTEMBER 22> 191*8 L I A B I L I T I ES fin thousands of dollars) Total Boston New York Phila, Cleve. Rich. Atlanta Chicago St,Louis Minn. Kans.Cy. Dallas SanFran. Federal Reserve notes 23.996,907 1U1U.835 5,1*89,61*2 161*0,723 2130,037 1675,757 1320,1*09 1*568,853 1091,208 626,907 933.U52 616,651* 21*88,1*32 Deposits: Uember bank-reserve acct. 18,69l*,013 799,509 6,115,91*0 911,619 131*5,757 790,1*1*9 761,1*02 2831*. 556 669,796 1*88,091 867,951 879,1*59 2 229,1*81* U.S.Treasurer-general acct. 1,^36,112 95,620 305,963 8l*,85l* 116,163 117,999 83,863 253,335 75,571* 1*9,761 71,913 68,015 113,052 foreign 1*01,201 23,222 1/150,537 29,857 33,9H 18,061 15,113 50,130 13,270 9,215 12,901 12,532 32,1*52 Other U57.256 3,231 ~ 39k,355 2,028 5,523 2,720 1*25 3,269 5,733 1,767 226 286 37,193 Total deposits 20,988,582 921,582 6,967,295 1028,358 1501,351* 929,229 860,803 311*1,290 761*,373 51*8,831* 952,991 960,292 21*12,181 Deferred availability items 2,662,379 215,799 1*37,338 162,081* 255,069 251,499 199,120 387,915 115,878 77,322 150,875 131*. 536 27l*,9l*i* Other liabilities including accrued dividends 15,931* 723 5,725 778 1,1*82 688 615 2,238 587 6ll* 530 61*8 1,306 TOTAL LIABILITIES 1*7,663,802 2552,937 12,900,000 2831,91*3 3887,91*2 2857,173 2380,91*7 8100,296 1972,01*6 1253,677 2037,8l*8 1712,130 5176,863 Capital paid in 199 827 11,336 69,009 ll*,628 19,013 8,528 7,805 25,20!* 6,595 1*,1*00 6,872 7,765 18,672 W Surplus (Section 7) 1*1*8,189 28,117 138,596 35,350 1*2,173 21,210 19,110 66,217 16,972 11,233 16,11*8 11*,HI 38,952 Surplus (Section 13*0 27,51*3 3,011 7,319 1*,1*39 1,006 3,31*9 762 1,1*29 521 1,073 1,137 1,307 2,11*0 Other capital accounts 93,001* 6,659 19,H8 7,120 8,710 6,556 5,1*26 12,103 5,39l* 3,731* 1*,899 1*,871 8,1*11* TOTAL LIABILITIES AND CAPITAL AGCOUSTS 1*8,1^2,365 2602,060 13,131*,0i*2 2893,530 3958,81*1* 2896,816 2i*ll*,o50 8205,21*9 2001,528 127l*,117 2066,90!* 171*0,181* 521*5,01*1 Contingent liability on bills purchased for foreign correspondents 776 U9 2/21*8 63 72 38 32 106 28 19 27 26 68 Commitments to make industrial loans 6,316 75 362 1,091 138 300 1*87 3,750 113 F.R. notes outstanding 2l*,787,97l 11*77.879 5,673,231* 1690,976 2193,61*6 1729,021 1368,568 1*670,526 1136,750 639,992 958,511 61*7,1*68 2601,1*00 Collateral for F. R. notes held by F.R. Agents: Gold certificates 13,579,000 1*60,000 l*,770,ooo 550,000 735,000 625,000 675,000 2300,000 315,000 200,000 280,000 169,000 2000,000 Eligible paper 1*1,281* 2,696 6,295 i*,o6o - - 7,7l*o - - - - 10,738 295 8,160 1,300 U.S. Govt, securities 11,975,000 1100,000 1,000,000 1200,000 1500,000 1125,000 750,000 1900,000 950,000 1*50,000 700,000 500,000 800,000 MATURITY DISTRIBUTION OF LOANS AND SECURITIES Within 16 to 31 to 61 to 91 days to 6 months 1 to 2 2 to 5 Over Total 15 days 30 days 60 days 90 days 6 months to 1 year years years 5 years Discounts and advances 309,31*1 76,903 36,61*8 51*, 016 132,120 9,651* Industrial loans 956 766 17 28 5U 11 53 15 12 U.S.Govt, securities 21,859,937 2,919,837 865,766 1,637,513 2,01*1*, 1*73 1,133,050 3,671*, 922 61*0,550 1,821*,566 7,119,260 l/After deducting $250,61*8,000 participations of other Federal Reserve Banks. 2/ After deducting $528,000 participations of other Federal Reserve Banks, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis